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Debt Relief of Individuals and the Rate of Satisfaction of Their Creditors in the Czech Republic

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dc.title Debt Relief of Individuals and the Rate of Satisfaction of Their Creditors in the Czech Republic en
dc.contributor.author Paseková, Marie
dc.contributor.author Fišerová, Zuzana
dc.contributor.author Smrčka, Luboš
dc.contributor.author Bařinová, Dagmar
dc.relation.ispartof Finance and Performance of Firms in Science, Education and Practice 2015
dc.identifier.isbn 978-80-7454-482-8
dc.date.issued 2015
dc.citation.spage 1169
dc.citation.epage 1176
dc.event.title 7th International Scientific Conference on Finance and Performance of Firms in Science, Education and Practice
dc.event.location Zlín
utb.event.state-en Czech Republic
utb.event.state-cs Česká republika
dc.event.sdate 2015-04-23
dc.event.edate 2015-04-24
dc.type conferenceObject
dc.language.iso en
dc.publisher Univerzita Tomáše Bati ve Zlíně (UTB)
dc.publisher Tomas Bata University in Zlín en
dc.relation.uri http://www.ufu.utb.cz/konference/sbornik2015.pdf
dc.subject Debt relief en
dc.subject personal bankruptcy en
dc.subject insolvency en
dc.subject creditors' satisfaction en
dc.subject secured receivable en
dc.description.abstract According to statistics, the indebtedness of Czech households has been on the rise since 2000, while a broadening supply from the financial sector, the growing standard of living (which is connected with debt financing of housing) and the tendency to favour a consumer lifestyle have contributed to the growing volume of credits. The aim of our survey is to ascertain the extent to which creditors of debtors in debt relief are satisfied. A sample of insolvency proceedings permitted in 2008 was surveyed. Of these insolvency proceedings, we selected personal bankruptcies which underwent the five-year repayment period required by the insolvency act. A situation emerges in which we can for the first time evaluate the success of creditors satisfaction on the basis of concrete data which we gained from the insolvency register. On the basis of a survey, it was found that individual creditors are satisfied to 50 % of their ascertained receivables. The given initial finding is interesting especially in view of the fact that the law itself prescribes a 30 % minimal limit of satisfaction for debtors. Further, the survey focused on the problem of securing receivables. The insolvency act has markedly changed the position of the creditor which secures its receivable by some form of collateral. A secured receivable can be monetized during the course of insolvency proceedings, and following the deduction of connected expenses the entire proceeds from the monetized property belong to the secured creditor. By contrast, in a case of personal bankruptcy a non-secured creditor is satisfied according to a percentage in a payment schedule. We surveyed especially the proportion of secured receivables and the form of collateral. From the data it stemmed that 19.62 % of receivables are secured with the debtor's property, most frequently a house, plot of land, flat or other form of collateral. en
utb.faculty Faculty of Management and Economics
dc.identifier.uri http://hdl.handle.net/10563/1006497
utb.identifier.obdid 43873763
utb.identifier.wok 000374107300093
utb.source d-wok
dc.date.accessioned 2016-07-26T14:58:40Z
dc.date.available 2016-07-26T14:58:40Z
utb.contributor.internalauthor Paseková, Marie
utb.contributor.internalauthor Fišerová, Zuzana
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